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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00q) Fuel ($23.009) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Flexible Planning Results Budget 48 Budget 50 48 $13,650 $15,360 $16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 460 12,836 12,136 12,440 $ 814 $3,224 $3,560 336 286 350 290 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entir plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect lie... zero variance). Input all amounts as positive values.)

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000+ $82.00q) Fuel ($23.009) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00q) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Flexible Planning Results Budget 48 Budget 50 48 $13,650 $15,360 $16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 336 460 12,836 12,136 12,440 $ 814 $3,224 $3,560 336 286 350 290 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entir plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect lie... zero variance). Input all amounts as positive values.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.009) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Flexible Planning Results Budget Budget 48 48 50 $ 13,650 $15,360 8,430 7,936 1,260 1,104 2,350 2,474 336 460 $16,000 8,100 1,150 2,550 350 290 336 286 12,836 12, 136 12,440 $ 814 $3,224 $ 3,560 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Transcribed Image Text:Exercise 9-4 Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($320.00g) Expenses: Wages and salaries ($4,000 + $82.009) Fuel ($23.00g) Airport fees ($650 + $38.00g) Aircraft depreciation ($7.00g) Office expenses ($190 + $2.00q) Total expense Net operating income Actual Flexible Planning Results Budget Budget 48 48 50 $ 13,650 $15,360 8,430 7,936 1,260 1,104 2,350 2,474 336 460 $16,000 8,100 1,150 2,550 350 290 336 286 12,836 12, 136 12,440 $ 814 $3,224 $ 3,560 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 48 13,650 8,430 1,260 2,350 336 460 12,836 814 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ 48 15,360 7,936 1,104 2,474 336 286 12,136 3,224 $ SA Planning Budget 50 16,000 8,100 1,150 2,550 350 290 12,440 3,560
Transcribed Image Text:Flights Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income Actual Results $ $ 48 13,650 8,430 1,260 2,350 336 460 12,836 814 Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget $ 48 15,360 7,936 1,104 2,474 336 286 12,136 3,224 $ SA Planning Budget 50 16,000 8,100 1,150 2,550 350 290 12,440 3,560
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